Geely Automobile scores 25.8% YoY jump in H1 2023 revenue

Shanghai (Gasgoo)- Geely Automobile Holdings Limited (“Geely Automobile”) today unveiled its first-half 2023 financial report. Amid the challenging backdrop of the industry-wide price competition, the company managed to secure a growth trajectory on multiple fronts.

During the first half of 2023 (H1 2023), Geely Automobile recorded a total sales volume of around 694,000 vehicles, marking a 13.1% increase year over year (YoY). This growth in car sales translated into a 25.8% YoY growth in H1 operating revenue, which reached 73.18 billion yuan. The average per-unit sales revenue soared by 6.8% YoY, hitting 101,000 yuan. Shareholders also reaped the rewards, with net profits attributable to them rising by 1.2% to 1.57 billion yuan. Keeping its financial foundation solid, Geely maintained a total cash balance of 33.64 billion yuan, while operational cash flow climbed by 9.1% over a year ago to 10.7 billion yuan.

Geely's proactive transition towards electrification and intelligentization played a pivotal role in these achievements. In the new energy vehicle (NEV) sector, the company made significant strides, with its H1 NEV sales (including Geely, Lynk & Co, ZEEKR, and Livan Auto) tallying 158,000 units, representing a robust YoY growth of 43.9%. The company said the share of NEVs in its overall Jan.-Jun. auto sales lifted to 22.7% from 17.9% for last year's same period.

Galaxy L7; photo credit: Geely Galaxy

In February of this year, Geely unveiled its new NEV-dedicated product range "Galaxy". Leading the charge was the Galaxy L7 PHEV, equipped with the revolutionary Aegis Battery Safety System, NordThor 8848 hybrid system, and Galaxy N OS. The L7 clocked in a monthly sales volume of 19,731 units in July, the second month since it hit the market. 

ZEEKR X; photo credit: ZEEKR

ZEEKR, on its part, cemented its position in the premium intelligent all-electric vehicle market, recording a staggering 124% YoY growth with a total delivery of 42,633 units in H1 2023.

Underpinning these achievements was Geely's substantial investment in R&D, which witnessed a 62.8% YoY increase, amounting to 5.91 billion yuan in H1 2023. This fervent commitment accelerated the pace of technological innovation in the field of new energy and intelligent vehicles.

In battery technology, the "Aegis Battery Safety System" stood out as an exclusive creation of Geely, a comprehensive security technology integrating battery architecture, vehicle design, intelligent control, and cloud security.

In the realm of intelligent technology, Geely said its in-house operating system and chipset hardware platform paved the way for a unified approach to hardware configuration, software functionalities, and human-vehicle interaction. The self-developed Galaxy N OS, boasting a distributed operating system, is now integrated into the Galaxy L7 and L6 models. A partnership with the smartphone maker Meizu resulted in the creation of the Flyme Auto OS.

As for global business expansion, in H1 2023, Geely achieved a remarkable 38% YoY growth in export volume, totaling 121,185 units. The Geely brand has solidified its presence across the Middle East, Asia-Pacific, Africa, Latin America, and Europe, boasting a global network of 490 sales and service points as of the end of July this year.

Notably, in July of this year, Geely Holding Group, Geely Automobile, and Renault signed a binding joint venture agreement, establishing a joint venture to develop and supply advanced hybrid and efficient combustion powertrains globally. This initiative is aligned with Geely's commitment to reduce the production share of traditional combustion engines, accelerating the transition towards NEVs.

Looking ahead, Geely Automobile still eyes an annual sales target of 1.65 million vehicles for the year of 2023, including a significant goal of 140,000 units for the ZEEKR brand.